Traders Market Weekly: War Drums, Bond Routes, Magnificent Seven Earnings

Viewing 15 posts - 31 through 45 (of 91 total)
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  • #66638
    Truman
    Participant

    Regional sovereign debt is on the defensive despite the ongoing uncertainty related to tensions in the Middle East.

    #66639
    Truman
    Participant

    Johnson & Johnson (JNJ 159.73, +2.20, +1.4%): beats by $0.14, beats on revs; raises FY23 guidance

    Bank of America (BAC 27.26, +0.27, +1.0%): beats by $0.07, reports revs in-line

    NetScout Systems (NTCT 22.00, -5.59, -20.3%): guides Q2 earnings above consensus, revs below consensus; lowers FY24 outlook

    Goldman Sachs (GS 315.00, +0.61, +0.2%): beats by $0.05, beats on revs

    Lockheed Martin (LMT 434.00, -6.41, -1.5%): beats by $0.06, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

    #66640
    Truman
    Participant

    Wyndham Hotels & Resorts (WH 79.25, +10.15, +14.7%): receives proposal to be acquired by Choice Hotels (CHH) for $90.00 per share

    #66641
    Truman
    Participant

    Fortrea Holdings (FTRE 31.21, +1.10, +3.7%): Starboard aiming to take stake in Fortrea Holdings, according to WSJ

    #66642
    Truman
    Participant

    Dollar Tree (DLTR 112.50, +2.40, +2.2%): upgraded to Buy from Neutral at Goldman

    #66643
    Truman
    Participant

    Rep. Jim Jordan won support of key Republicans ahead of the Speaker vote today at 12:00 ET, but it is still unclear if he has the required 217 votes, according to The New York Times.

    #66644
    Truman
    Participant

    Total retail sales increased 0.7% month-over-month in September (consensus 0.3%) following an upwardly revised 0.8% increase (from 0.6%) in August. Excluding autos, retail sales jumped 0.6% month-over-month (consensus 0.2%) following an upwardly revised 09% increase (from 0.6%) in August.

    The strength wasn’t just because of higher gasoline prices either. Excluding gasoline stations, retail sales were up 0.7%.

    The key takeaway from the report is that it doesn’t reflect a consumer who is shying away from spending. That understanding should translate favorably into Q3 GDP forecasts, and less favorably in forecasts pertaining to the Fed’s policy view.

    #66645
    Truman
    Participant

    Industrial production rose 0.3% in September (consensus 0.0%) following a revised flat reading in August (from 0.4%).
    Capacity utilization rose to 79.7% in September (consensus 79.5%) from a revised 79.5% in August (from 79.7%).

    #66668

    Dow 33,997.65 13.11 0.04%
    S&P 500 4,373.20 -0.43 -0.01%
    Nasdaq 13,533.75 -34.24 -0.25%
    VIX 17.88 0.67 3.89%
    Gold 1,935.70 1.40 0.07%
    Oil 87.71 1.05 1.21%

    #66672
    Truman
    Participant

    Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note.

    Japan’s Nikkei: UNCH,
    Hong Kong’s Hang Seng: -0.2%,
    China’s Shanghai Composite: -0.8%,
    India’s Sensex: -0.8%,
    South Korea’s Kospi: +0.1%,
    Australia’s ASX All Ordinaries: +0.3%.

    #66673
    Truman
    Participant

    China’s Q3 GDP 1.3% qtr/qtr (expected 1.0%; last 0.5%); 4.9% yr/yr (expected 4.4%; last 6.3%).
    An official with China’s National Bureau of Statistics said that growth in Q4 would have to be above 4.4% in order for China to hit its annual growth target. The comments were made after the release of better than expected growth figures for Q3.

    September Industrial Production 4.5% yr/yr (expected 4.3%; last 4.5%),
    September Retail Sales 5.5% yr/yr (expected 4.9%; last 4.6%),
    September Fixed Asset Investment 3.1% yr/yr (expected 3.2%; last 3.2%),
    September Unemployment Rate 5.0% (expected 5.2%; last 5.2%)

    The People’s Bank of China reportedly instructed banks to roll over local government loans for a longer term at lower rates.
    Developer Country Garden appears to have missed its $15 mln coupon payment, which would trigger an offshore default.

    #66674
    Truman
    Participant

    Australia’s September MI Leading Index 0.1% m/m (last 0.0%)

    Reserve Bank of Australia Governor Bullock said that she is a bit more worried about the impact that supply shocks will have on inflation.

    • This reply was modified 4 months, 2 weeks ago by Truman.
    #66676
    Truman
    Participant

    The Bank of Japan conducted an unscheduled bond buying operation and there was speculation that the BoJ would raise its inflation forecast for FY23 to 3.0%.

    #66677
    Truman
    Participant

    Major European indices trade in the red.
    STOXX Europe 600: -0.5%,
    Germany’s DAX: -0.7%,
    U.K.’s FTSE 100: -0.8%,
    France’s CAC 40: -0.7%,
    Italy’s FTSE MIB: -0.4%,
    Spain’s IBEX 35: -0.7%.

    British homebuilder Barratt Developments warned of a tough housing market due to low housing availability and high mortgage costs.

    #66678
    Truman
    Participant

    Eurozone’s September CPI 0.3% m/m, as expected (last 0.5%); 4.3% yr/yr, as expected (last 5.2%).
    September Core CPI 0.2% m/m, as expected (last 0.3%); 4.5% yr/yr, as expected (last 5.3%).
    August Construction Output -1.1% m/m (last 1.0%)

    European Central Bank policymaker Holzmann said that future inflationary shocks could warrant more rate hikes while policymaker de Guindos said that economic activity is expected to remain subdued through the end of 2023.

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